Holcim to exit Nigeria sells major stake at Lafarge Africa to Huaxin Cement for $1bn
Swiss building materials giant Holcim AG has announced the sale of its Nigerian business to China’s Huaxin Cement Co. in a deal valued at $1 billion. The transaction involves Holcim’s 83.81% stake in Lafarge Africa PLC and is expected to close in 2025, pending regulatory approvals.
In a statement released on Sunday, Holcim explained that this divestment is part of its strategy to streamline its portfolio and focus on core markets. “Holcim has signed an agreement with Huaxin Cement Ltd to sell its entire 83.81% shareholding in Lafarge Africa PLC, at an equity value of USD 1 billion on a 100% basis.
The transaction is expected to close in 2025, subject to customary and regulatory approvals,” the company said.
This move aligns with Holcim’s broader plans to spin off and list its North American business in the US next year. It also follows the company’s previous divestments in Africa. In 2021, Holcim sold its 75% stake in its Zambian business to Huaxin Cement for an enterprise value of $150 million, following regulatory approvals from Chinese and Zambian authorities.
Holcim CEO, Jan Jenisch, noted that the divestment is part of the company’s transformation into a leader in sustainable building solutions, enabling investments in growth opportunities. He praised Huaxin as a trusted partner capable of advancing the Zambian business.
Since 2019, Holcim has raised over $3.1 billion through various divestments, including the sale of its Indian Ocean cluster at the end of October 2021.
